PORTSMOUTH INVITATIONAL TOURNAMENT FOUNDATION INC C/O ROBERT STANLEY

EIN: 043650760 Recreation & Sports

PORTSMOUTH, VA

Total Revenue
$244,965
Total Expenses
$235,067
Total Assets
$495,010
Net Assets
$495,010
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2002
Legal Domicile
VA
Principal Officer
JAMES STANLEY
Phone
7576472270
Tax Period
2023-07-01 to 2024-06-30

PORTSMOUTH INVITATIONAL TOURNAMENT FOUNDATION INC C/O ROBERT STANLEY, founded in 2002, is a small nonprofit in the Recreation & Sports sector that reported $245K in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year. Expenses of $235K left a modest 4% surplus.

Mission

RAISE FUNDS FROM ACTIVITIES SUCH AS THE PORTSMOUTH INVITATIONAL TOURNAMENT. FUNDS RAISED SHALL BE GIVEN FOR CHARITABLE PURPOSES TO NONPROFIT COMMUNITY ORGANIZATIONS & FOR SCHOLARSHIPS TO DESERVING STUDENT ATHLETES GRADUATING FROM LOCAL HIGH SCHOOLS.

Program Service Accomplishments

Program 1
Expenses: $235,067

HOST THE ANNUAL PORTSMOUTH INVITATIONAL BASKETBALL TOURNAMENT ("PIT"). THE PURPOSE OF THE TOURNAMENT IS TO PROVIDE COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL STUDENTS, PROVIDE CHARTIABLE CONTRIBUTIONS...

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HOST THE ANNUAL PORTSMOUTH INVITATIONAL BASKETBALL TOURNAMENT ("PIT"). THE PURPOSE OF THE TOURNAMENT IS TO PROVIDE COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL STUDENTS, PROVIDE CHARTIABLE CONTRIBUTIONS TO COMMUNITY ORGANIZATIONS, SHOWCASE THE CITY OF PORTSMOUTH AND BENEFIT THE LOCAL ECONOMY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $25,000
Program Service Revenue $217,133
Investment Income $2,832
Other Revenue $0
TOTAL REVENUE $244,965

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $235,067
Other Expenses $235,067
TOTAL EXPENSES $235,067

Year-over-Year Comparison

2023 2022 Change
Revenue $244,965 $265,939 -0.1%
Expenses $235,067 $232,214 +0.0%
Net Income $9,898 $33,725 -0.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Governance

Voting Members
15
Independent Members
15
Employees
N/A
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JACK ANKERSON DIRECTOR N/A
Director
$0 $0 $0
MICHAEL BOYD DIRECTOR N/A
Director
$0 $0 $0
RANDY CAVINESS DIRECTOR N/A
Director
$0 $0 $0
SYNTHIA GOODE DIRECTOR N/A
Director
$0 $0 $0
EDDIE HARRIS DIRECTOR N/A
Director
$0 $0 $0
JUSTIN JACKSON DIRECTOR N/A
Director
$0 $0 $0
CLIFTON JONES DIRECTOR N/A
Director
$0 $0 $0
JOHN ROUND DIRECTOR N/A
Director
$0 $0 $0
ALYSSA SCRIPTER DIRECTOR N/A
Director
$0 $0 $0
RICHARD WENTZ DIRECTOR N/A
Director
$0 $0 $0
TERRY BARONNER CO-VICE CHAI N/A
Officer
$0 $0 $0
ANGELA BOVEE RECORDING SE N/A
Officer
$0 $0 $0
MICHAEL MORRIS CHAIRMAN N/A
Officer
$0 $0 $0
CLIFFORD SAYLES CO-VICE CHAI N/A
Officer
$0 $0 $0
JAMES STANLEY TREASURER, C N/A
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $244,965 $235,067 $495,010 $9,898
2023 $265,939 $232,214 $485,112 $33,725
2022 $152,024 $204,480 $451,387 $-52,456
2021 $36,819 $75,036 $503,843 $-38,217
2020 $91,311 $250 $542,060 $91,061
2019 $74,902 $52,237 $450,999 $22,665
2018 $68,004 $61,932 $428,334 $6,072
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